Seabury-Western Theological Seminary, one of 11 schools in the U.S. dedicated to preparing Episcopal priests, told tenured faculty on Thursday that their jobs would end next year.

Officials at the Evanston seminary insist the school is not closing, but that it is redefining its approach for preparing men and women for priesthood. Earlier this year, the school stopped accepting new candidates and advised first-year students that they should enroll in other seminaries if they wish to earn their degrees from an Episcopal institution.

For more than a century, seminarians have traditionally enrolled in a three-year residential program to earn a master's of divinity degree that prepares them for the priesthood. Seminary officials said the school would explore the possibility of offering the degree in other formats such as distance learning or short-term residential stints.

"We want to bring the traditional excellence and depth of residential theological education to the new challenges and realities of the 21st Century," said Rev. Gary Hall, dean and president of Seabury-Western. "People can't afford to come here. We need to figure out how to bring it to them."

I’m not sure that I understand what is going on here. They are exploring innovative ways of delivering the training to the students yet they are not admitting anyone and are firing faculty. It seems to me that they are closing; am I understanding this correctly? If so, then what is it exactly that they are planning for the future?